Librarian
Industry Classification Codes
Industry classification codes are numerical systems used to organize information about a particular industry. They help standardize groups of companies based on their business activities.
Industrial classification codes are used by government agencies, market-research firms, and throughout various publications.
NAICS
The North American Industry Classification System (NAICS) was developed by statistical agencies of Canada, Mexico, and the United States.
NAICS is made up of five levels: sectors (two-digit codes), subsectors (three-digit codes), industry groups (four-digit codes), industries (five-digit codes), and country-level industries (six-digit codes).
It is updated every five years. The most recent update was in 2022 (see links below).
Image Source: IBISWorld
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North American Industry Classification System (NAICS) CanadaVersion 1.0, released in 2022. Developed by statistical agencies of Canada, Mexico, and United States. Six-digit codes represent the Canadian industries.
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North American Classification System (NAICS) United StatesReleased in 2022. Developed by statistical agencies of Canada, Mexico, and United States. Six-digit codes represent the US industries.
More International Codes
There are a wide variety of classification systems, created by different organizations. These are some codes you may come across in your research:
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International Standard Industrial Classification (ISIC)A classification structure of economic activities endorsed by the United Nations Statistical Commission. Currently in Revision 5.
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Global Industrial Classification Standard (GICS)Developed by MSCI and S&P Dow Jones for investors.
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Standard Industrial Classification (SIC)Established in the United States, last revised in 1987. SIC has been replaced by NAICS and is no longer updated. However, you will still find it used by some government departments and agencies, including in EDGAR filings.
Classification Codes in Research
You will come across and make use of classification codes in your research. Databases use classification codes to organize and tag their content. For instance:
- Passport database uses the ISIC
- IBISWorld uses NAICS
- FP Infomart database includes options to use the GICS
They can be a useful search tool and a way to browse and discover industry information.